Federated Department Stores
will begin trading under the ticker symbol "M" on the
New York Stock Exchange
June 1 assuming shareholders approve changing the company's name to Macy's Inc.
Stockholders will meet May 18 to consider the proposal. Previously, Federated had been planning to change its name to Macy's Group.
"Macy's and Bloomingdale's are leading brands known worldwide," said Terry J. Lundgren, Federated's chairman, president and chief executive. "Changing the parent company name to Macy's, Inc., while trading our shares under the 'M' ticker symbol, will make it simple and clear for all investors to understand we are a brand-driven and consumer-oriented company."
Though membership in the single-letter club is highly coveted, several symbols that were once used remain open, including "G," "I," "J," "U" and "Z."
Currently, single-letter tickers are owned by
, among others.
The NYSE was long said to be holding "M" in reserve should the day come that
opted to leave the Nasdaq for the Big Board. The last company with "M" as a ticker was M-Corp.
Federated's shares have traded with the symbol FD since 1992.